Charlotte buyers hoping to score a great deal on a home in an up-and-coming neighborhood should invest in Sedgefield, according to a recent report from online real estate firm Redfin.
The south Charlotte neighborhood made the list of Redfin’s “10 Neighborhoods That Are Warming Up” recently because of its affordability and desirability, Redfin representatives said.
“The most important thing is affordability but also close proximity to uptown and the ability to access the light rail,” said Redfin real estate agent Marcy Prentiss. “It’s a very attractive place to be.”
Prentiss said although the homes in the neighborhood are smaller than surrounding communities, they’re on beautiful lots with mature trees. And they are near some great amenities, she said.
Redfin created its midyear list of neighborhoods on the rise based on activity on its website.
Troy Martin, a data scientist with Redfin, said the Seattle-based company ranked various neighborhoods based on the average number of favorites per home and the total page views for the community. Then they compared those values to the previous year.
He said Sedgefield’s total page views increased by 122 percent year-over-year. And the number of favorites per home in the community increased by 133 percent, although he declined to provide raw numbers.
Prentiss said a lot of the interest was due to Sedgefield’s affordability, which is particularly evident when home buyers searching in the area compare its prices with nearby communities.
He said as of Aug. 14, the median sales price for a Sedgefield home was $279,500, up 24.5 percent from the year before.
That affordability is drawing in more buyers, driving up demand, he said.
For instance, while Dilworth and Myers Park homes stayed on the market for a median of 67 and 75 days respectively through Aug. 14, Sedgefield homes stayed on the market for 52.5 days, Prentiss said.
This demand will ultimately drive up prices, said Prentiss. New construction on infill lots in the neighborhood also will likely cause prices to rise.
The desirability of their community is not lost on Sedgefield residents. In fact, many said they’re confident they’ve made a wise investment.
“There’s a builder I know who is a friend and his thought is, ‘You’re getting into the ground floor,’ ” said Hogan Fulghum, who owns a home for his family and is building another home in the neighborhood. “The idea is it’s going to be the new Dilworth and the new Myers Park. We’re on the tipping point.”
Fulghum said he loves the proximity of the neighborhood to downtown as well as transportation options like the light rail.
“We’re able to enjoy some of the niceties of being close to downtown and the center city,” he said. “We get the upside of being close to Myers Park without paying the Myers Park price.”
Keegan Federal, 31, said he was thrilled to have the opportunity to purchase a home in the neighborhood he grew up in. He said he lucked out when he purchased a foreclosure in the neighborhood in spring 2011.
Federal said he loves the location as well as the neighborhood park, which is off Marsh Road. The community is also convenient to the larger Freedom Park, he said.
The new Publix grocery store opening on South Boulevard will only add to the neighborhood’s desirability, Federal said.
“I got in at a pretty good time,” he said. “It was definitely a good investment.”